Oil prices have dropped by about two-thirds this year as the pandemic crushes demand.
Maharashtra Energy Minister Nitin Raut has expressed fear that switching off the lights simultaneously for nine minutes could lead to a multi-state grid collapse and result in blackout in the entire country.
Petroleum Minister Dharmendra Pradhan interacted with dozens of district nodal officers of Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) over video-conferencing to access the distribution of LPG cylinders in districts following the coronavirus outbreak and the subsequent 21-day nationwide lockdown
Global demand is down by 20-25 million barrels a day, says the Managing Partner at Geosphere Capital.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange hit its lowest since March 23.
Trump said he expects Saudi Arabia and Russia to cut oil output by about 10 million barrels.
European shares bounced on Thursday, driven by a recovery in energy stocks on rising hopes of a truce in the Saudi-Russia oil price war.
Firstly, a joint venture will be incorporated by Adani Green Energy and, subsequently, the direct and indirect subsidiaries of Adani Green will be transferred to the joint venture. The second step involves direct or indirect acquisition of 50 per cent of the equity share capital of the joint venture by Total S.A
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